Impact of LIFO valuation of inventories on the financial results of PKN ORLEN in Q1 2005 and three months to end-March 2005

Regulatory announcement 29/2005 dated 16 May 2005

Polski Koncern Naftowy ORLEN Spolka Akcyjna ("PKN ORLEN"), Central Europe’s largest downstream oil company, would like to outline the impact of LIFO valuation of inventories on the unconsolidated financial results of PKN ORLEN and the consolidated financial results of the PKN ORLEN Capital Group for Q1 2005.